360 ONE group gets CCI nod to acquire certain businesses of UBS
360 ONE group
's proposal to acquire certain businesses of Switzerland-based multinational
investment bank
UBS AG.
"The proposed combination comprises acquisition of
portfolio management services
business of
Credit Suisse Securities
(India) Pvt Ltd in India by 360 ONE Portfolio Managers Ltd and stock broking services and
financial product distribution
services of CS Securities by 360 ONE Distribution Services Ltd (360 Distribution)," the Competition Commission of India (CCI) said in a release.
Credit Suisse Securities (India) is a step-down wholly-owned subsidiary of UBS AG.
by Taboola
by Taboola
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CCI said it has also cleared a loan portfolio which forms part of lending and financing business of UBS Finance India Pvt Ltd, undertaken as a systematically important non-deposit taking
non-banking financial company
by 360 ONE Prime Ltd.
Additionally, the competition watchdog approved UBS AG's subscription to warrants of
360 ONE WAM
representing a 4.95 per cent of the paid up share capital.
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"CCI approves acquisition of certain businesses of UBS AG by 360 ONE entities," the regulator said in a post on X.
In April this year, UBS announced that it entered into an exclusive strategic collaboration with 360 ONE WAM.
As part of the collaboration, UBS will transfer its onshore
wealth management business in India
to 360 ONE.
Further, UBS will acquire warrants for a 4.95 per cent stake in 360 ONE.
"With this transaction, it opens the way for a global, personalised, and sophisticated wealth management experience for both sets of clients as well as significant value enhancement to our employees and shareholders," Akhil Gupta, Chairman of 360 ONE WAM, said.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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